Actionable Steps - Agenda

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2 Actionable Steps - Agenda Building family & business data profile Goal definition & planning family meeting Leadership development & transition timetables Building post-retirement cashflow projection Managing collaborative succession planning team Estate tax exposure & wills/legal agmts review Resource Review

3 First steps First priority: define decisions that need to be made (not make the decision); what is interest in employment and ownership? Define process to define the criteria to make the decisions Are you asking them to come back to something undefined? Remember that s why planning and professionalizing your policies matter.

4 Building family & business profile Ask: What do you & advisory team need to take inventory (start with 3-ring binder) Biographical information resumes, family information, BD, addresses, goals, personality profiles Business Profile History of the business - narrative Governance Tax returns, financial position & trends Insurance coverages Estate plan documents, wills, trusts, POA, etc.` How much are we paying professional advisors to accumulate this information?

5 Goal definition & family meeting No one right way to define goals Pages Legacy Workbook Family meeting strategic approaches Pages 8-13 Legacy Workbook Handout Family Meeting sample agenda Is it different if you are in Stage I, II, or III? Excellent place to handle fair vs. equal talk

6 Which hat am I wearing? HR, Finance, Agronomy, Purchasing, Legal, Public Relations, Risk Mgmt. Management (Compensation) Confusion and Potential Conflict Ownership (Return) Shareholder, Partner, Heir, Investor, Director Family (Relationships) Son, Daughter, Sibling, Parent, Lifelong Friend

7 Consensus Consensus is NOT that we agree on everything but that all understand the decision made, can support it, and are willing to implement. I think it was the right way to go. I had my reservations about this or that. XXX wasn t my first choice but I will make sure we implement the decision as effectively as possible. I am behind the decision and support the group The group took our needs into consideration. SOME REASONS FOR MODIFYING ONE S POSITION: I agree with most parts of the option the group is leaning toward. I can let go of a non-crucial element in order to strengthen the alliance. I see that several options can get the job done and am willing to modify my position as long as the final decision does not compromise my values. I see this choice has the best chance of being implemented My best choice does not meet some key criteria and despite effort and creativity, no one can figure a way around its limitations We agree to follow up later on some elements that could not be included now.

8 Consensus Some NEGATIVE reasons for modifying one s position: I fear repercussion if I disagree. The group bulldozes me into it and/or is unsympathetic to my point of view. The group is unskilled at listening to contrary points of view and at creating/finding ways to accommodate differing needs. I am not confident in expressing ideas and let go of my opinions because it s too hard or too embarrassing to struggle with expressing them. The leader or authority figure favors a certain point of view and I don t want to appear uncooperative.

9 Selecting the successor Does process differ if DAD: is involved in the picture? not around to influence the process? Does it make a difference: who is older? who has more tenure? whether candidate is male or female? who has the most ownership?

10 Challenge: Mentoring vs Micro-managing Making the transition from Boss/CEO to Board Chairman Graduating From Parent To supervisor, manager, mentor, delegator, enabler, groomer Tools: tone of voice, words, body language

11 Avoid Bossing Tendency : Define attributes of ideal manager Facilitator not boss Empowers people doesn t micro-manage workload Focuses on people, resources, information, technology Promotes teamwork, positive thinking and professionalism Willing to be accountable to the board of directors Consider if this applies to your situation p. 44 Successors are not entrepreneurs starting their own businesses; successors are managers who assume a going concern with its own set of complex challenges. Entrepreneurs are risk takers who thrive on the edge and revel in challenge. Next generation leaders must be adept at creating systematic processes, financial control and team building.

12 Youth Message: Don t draw wrong conclusion about procrastination Is avoiding succession the real issue? How reduce fear factor Don t criticize way they did it Seek 1 st to Understand (Stephen Covey 7 Habits) Focus on celebration of successful career Help predecessors find role in retirement Focus on Extending career path! Common Pitfalls in Transition Planning 12

13 Think long and hard about being right In some cases,

14 Leadership development transition timetables What roles will transition? Current job descriptions and skill sets defined? Options for who will assume key roles Case Study

15 Building post retirement proforma cashflow projection Can be huge obstacle creating fear and retirement procrastination Itemize sources of income and living costs before and after retirement Assess adequacy of income to provide financial security and achieve retirement goals See pages Legacy Workbook Review Sample Cashflow worksheet

16 Compiling & reviewing estate tax exposure, wills & legal agreements Conditions, goals, laws change see pp Don t assume local advisors have these well organized and up to date May take team effort to assess estate tax risk Accountant, attorney, insurance agent, banker Succession and Estate Planning create opportunity to dust off, review & revise

17 Timely review vs. The Plan? Plan = Blueprint for specific future actions Based on facts as we know them today and expectations of future landscape as best we can predict today Guided by short & long term goals Fact of life: facts change, landscapes change may dictate CHANGE in the plans Timely review needed to keep plans viable

18 How do we avoid tragedies? put it in writing! Define vision, values & management process for those moving forward Put right people with right talents in right seats Be conscious of the three circles Reduce retirement fear extend career path for patriarchs & groom successors Set goals & develop strategy to reach targets Implement professionally; engage advisory team & peer networks Commit to accountability review performance regularly & honestly

19 Advisory team candidates Accountant Attorney Insurance Agent Wealth Management/Investment Advisor Banker Trust Officer Pastor Facilitator

20 Building collaborative team Assess current local advisory team; is outside facilitation needed? What is your family communication culture? Technical knowledge of group? Potential conflicts of interest? Establish ground rules this is TEAM sport! Be on guard for the sale vs. advice & counsel; be willing to invest financially for positive plan See page 76 Selecting an Adviser

21 Where to start? Concerned Parent Appoint on-site Transition Coordinator, or Transition Task Force Map out transition steps and management process needing clarity 3 D s Discuss, decide, and document Organize information (3-Ring Binder) Join peer networks; form advisory teams Attend management training TEPAP, Harvard AgBus Seminar, Top Prod.

22 Who can help? Tap qualified facilitators and resources Family Firm Institute (FFI) Farm Journal Legacy Project Succession planning websites Ag Progress WCS Consulting Contact list om/consulting-contacts/ Make study of Family Business excellence a lifelong journey

23 Resources - Farm Journal Legacy Project Print enews Online Tools Live Events Cultivating Multigenerational Success in the Agricultural Community.

24 Recommended reads The Balance Point Tutelman, Hause The Enduring Legacy: Essential Family Business Values Lance Woodbury Good to Great Jim Collins The Little Red Book of Family Business David Bork Crucial Conversations Patterson, Grenny et al Getting to Yes: Negotiating Agreement Without Giving In Fisher and Ury Perpetuating the Family Business John Ward The Knowing-Doing Gap Pfeffer, Sutton I m Stuck, You re Stuck Tom Ritchey Farm Business & Estate Planning Neil Harl Family Business Magazine - FBM Make knowledge building in family business excellence a lifetime journey.

25 IF IT S WORTH DOING. IT S WORTH DOING RIGHT

26 Time for questions...

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